The BSE benchmark Sensex today rose over 74 points in early trade on fresh buying by participants ahead of the RBI’s mid-quarter monetary policy review, amid a firm trend in the Asian region.

The 30-share barometer, which had lost 72.83 points yesterday, recovered by 74.18 points, or 0.39 per cent, to 19,318.60, with all sectoral indices rising up to 0.67 per cent.

Similarly, the wide-based National Stock Exchange index Nifty gained 21.20 points, or 0.36 per cent, to 5879.10. Brokers said fresh buying by funds ahead of the RBI’s mid-quarter monetary policy to be announced later today, influenced the trading sentiments.

Besides, a firming trend in the Asian region also had a positive impact, they said.

Meanwhile, in Asia, Japan’s Nikkei was up by 1.10 per cent, while Hong Kong’s Hang Seng gained 0.18 per cent.The US Dow Jones Industrial Average ended 0.76 per cent higher yesterday.

Nifty futures on the Singapore Exchange 0.06 percent higher. The MSCI-Asia Pacific index excluding Japan was 0.26 percent up. The S&P 500 ended at its highest level in almost two months on Monday on rising hopes that negotiations over the “fiscal cliff” were making progress and that a deal could be reached in days.

Asian shares crept higher on Tuesday, tracking the overnight gains in U.S. stocks on optimism for progress in resolving the U.S. budget crisis before the year-end deadline.

RBI’s monetary policy review at 0530GMT. RBI deputy governor Subir Gokarn at events. (0800GMT, 1100GMT)Trade Minister Anand Sharma, Chief Economic Adviser Rajan at economics conclave.

India’s central bank is expected to keep interest rates unchanged on Tuesday, according to a new Reuters poll, with respondents split over whether it will cut the cash reserve ratio (CRR) for banks.